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subsequent smooth recovery in government bond yields and the achievement of the inflation target. Following consultations with a self-regulatory organisation uniting NPFs, the Bank of

2024 19 Inflation in most economies stayed above targets over 2024 Inflation worldwide. Both advanced economies and EMEs recorded a downward trend in inflation. However,

and stable inflation in Russia. Price stability is a prerequisite for balanced and sustainable economic growth. When implementing monetary policy, we follow the inflation targeting

events. Whatever the scenario, monetary policy will be aimed at returning annual inflation to 4%. To this end, the Bank of Russia will implement appropriate

exceeded the figures of 2017–2019, when inflation was close to the target (Chart 10). The average three-month-ahead inflation rate expected by businesses (in annualised

mitigate negative consequences for inflation and economic growth. 5. Households’ and businesses’ perception of inflation and inflation expectations Economic agents’ inflation expectations influence how efficiently

mitigate negative consequences for inflation and economic growth. 5. Households’ and businesses’ perception of inflation and inflation expectations Economic agents’ inflation expectations influence how efficiently

of inflation is characterised by underlying inflation, as well as indices excluding individual volatile categories (e.g., inflation excluding vegetables, inflation excluding petrol, core inflation,

return inflation to the target in 2026. Future key rate decisions would depend on the speed and sustainability of the decline in inflation and inflation

the decrease in inflation and inflation expectations. According to the Bank of Russia’s forecast, given the current monetary policy stance, annual inflation will decline